Standard I Professionalism()

A.Knowledge of the low()

Members and Candidates must understand and comply with all applicable laws,rules,and
regulations(including the CFA Institute Code of Ethics and Standards of Professional Conduct) of
any government , regulatory organization, licensing agency, or professional association governing
their professional activities.(
CFA
)

In the event of conflict, Members and Candidates must comply with the more strict law, rule, or
regulation.

Members and Candidates must not knowingly participate or assist in and must dissociate from any
violation of such laws, rules, or regulations.

Guidance
1Must know and should know

2CFA A
CFA

document the violation

6
7

8
9

Recommendation

1Stay informed
2Review Procedures,
CFA
3CFA
Maintain Current Files
4ComplianceLegal
Counsel

5Dissociation CFA

1
2
3

TIPS
1
2 CFA
3
4
5 social media

CFAerIDCFA-CHN CFA
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Standard I Professionalism()
B.Independence and objectivity()

Members and Candidates must use reasonable care and judgement to achieve and maintain
independence and objectivity in their professional activities.(
)
Must not offer ,solicit, or accept any gift, benefit, compensation, or consideration that reasonably
could be expected to compromise their own or anothers independence and objectivity.

Guidance

1Buy-side ClientsSell-Side
Research

3
Fire Wall

flat fee
9

10
mandate
composite

Recommendation
1
2Create a restrict list

3Restrict special cost arrangement

4limit gift

5IPOPrevate Placement
6Review Procedures

TIPS
1

2
Standard I Professionalism()
C.Misrepresentation()
)
Members and Candidates must not knowingly make any misrepresentations relating to investment
analysis, recommendations, actions, or other professional activities.(
)

Guidance

4
benchmark
benchmark benchmark
5

6Social media

7
Performance measurement(Contribution process),
Composite cherry picking.

8Plagiarism

1
2
3
4
5

CPI

Recommendation

1Factual Presentation

2Qualification Summary

3Verify O utside Information

4Maintain Webpages
5Plagiarism Policy
;ab

TIPS
1 provide of a list of services availablees.
2
3Plagiarism
4
Standard I Professionalism()
D.Misconduct()

Members and Candidated must not engage in any professional conduct involving dishonesty, fraud,
or deceit or commit any act that reflects adversely on their professional reputation, integrity, or
competence.

Guidance

1 misconduct
2 misconduct
3
4 misconduct

Recommendation

1
2
3
TIPS
1 misconduct
2 misconduct
Standard II Integrity of capital markets()
A. Material nonpublic information

Members and Candidates who possess material nonpublic information that could affect the value
of an investment must not act or cause others to act on the information.

Guidance
1

2
3

Recommendation

1Achieve public Dissemination

3
4
5
6

TIPS
1
2
3
4

Standard II Integrity of capital markets()

B. Market manipulation

Members and Candidates must not engage in practices that distort prices or artificially inflate
trading volume with te intent to mislead market participants.

Guidance

TIPS
1
2
3
Standard III Duty To Clients
A. Loyalty, prudence and care

Members and Candidates have a duty of loyalty to their clients and must act with reasonable care
and exercise prudent judgement.

Members and Candidates must act for the benefit of their clients and place their clients interest
befor teir employers or their own interests.(
)

Guidance
1Fiduciary

ultimate beneficiaries;
mandate
3

5
cost-benefit

Recommendation
1

2
3
1
2

3
4
5

6
7
8
9(best price(best execution)
(10)

TIPS
1
2
3

4
Standard III Duty To Clients
B. Fair dealing

Members and Candidates must deal fairly and objectively with all clients when providing
investment analysis, making investment recommendations, taking investment action, or engaging
in other professional activities.(

Guidance
1 VIP

2
pro rata on order size, not account size.
3

4oversubscribed
a round-lot basis to avoid odd -lot distributions
5

Recommendation
1
2
3
4
5
6
7
TIPS
1

2
3 IPO
4
Standard III Duty To Clients
C. Suitability

1When Members and Candidates are in an advisory relationship with a client, they must:(
)
(a) Make a reasonable inquiry into a clients or prospective clients investment experience, risk
and return objectives, and financial constraints prior to making any investment recommendation or
taking investment action and must reassess and update this information regularly.

b) Determine that an investment id suitable to the clients financial situation and consistent with
the clientswritten objectives, mandates, and contraints before making an investment
recommendation or taking investment action.

(c) Judge the suitability of investments in the context of the clients total portfolio.
2When Members and Candidates are responsible for
managing a portfolio to a specific mandates, strategy, or style, they must make only investment
recommdations or take only investment recommdations or take only investment actions that are
consistent with the stated objectives and contraints of the portfolio.

Guidance
1mandate

3
4

Recommendation
1
IPS
1

2
3

TIPS
1
2
Standard III Duty To Clients
D. Performance Presentation

When communicating investment performance information , Members and Candidates must make
reasonable efforts to ensures that it is fair , accurate, and complete.

Guidance
1
2
3
4

5
6

Recommendation

1
2
3
4

TIPS

Standard III Duty To Clients

E. Preservation of confidentiality

Members and Candidates must keep information about current , former, and prosoective clients
confidential unless:(
)
1The information concerns illeagal activities on the part of the client;

2Disclosure is required by law; or

3The client or prospective clien permits disclosure of the information.

Guidance
11
2
2

Recommendation

TIPS

Standard IV Duty To employers

A. Loyalty.

In matters related to their employment , Members and Candidates must act for the benefit of their
employer and not deprive their employer of the advantage of their skills and abilities,divulge
confidential information, or othersise cause harm to their employer.

Guidance
1
CFA

Recommendation
1

3
TIPS
1
2
Standard IV Duty To employers
B. Additional Compensation Arrangements

Members and Candidates must not accept gifts ,benefits ,compensation, or onsideration that
competes with or might reasonably be expected to create a conflicit of interest with their
employers interest unless they obtain written consent from all parties involved.

Guidance
1

IV(B);

I(B)IV(B) VI(A)

Recommendation

/
IB
Standard IV Duty To employers
C. Responsibilities of Supervisors

Members and Candidates must make reasonable efforts to ensure that anyone subject to their
supervision or authority complies with applicable laws, rules, regulations, and the Code and
Standards.(
)

Guidance

2Inadequate Procedures

Recommendation

1
2
 3
4
5
6ab)
c

TIPS
1
2
3

Standard Investment Analysis, recommendations and actions(

A. Diligence and Reasonable Basis

Members and Candidates must:

1Exercise deligence, independence, and thoroughness in analyzing investments ,making
investment recommendations, and taking investment actions.(
).
2 Have a reasonable and adequate basissupported by appropriate research and investigation,
for any investment analysis ,recommendation ,or action .(
)

Guidance
1Diligence and Reasonable Basi

2Using secondary or third-party research)

1assumptions used
2(rigor of the analysis performed)
3(date/timeliness of the research)
4(evaluation of the objectivity and independence of the
recommendations)
3

4Need to ensure that the firm has standardized

criteria for reviewing external advisers.Such criteria would include,but would not limited to the
following:
reviewing the advisers established code of ethics.
understanding the advisers compliance and internal control procedures.
assessing the quality of the published return information.
reviewing the advisers investment process and adherence to its stated strategy.

Recommendation

TIPS
1
2

3
4

Standard Investment Analysis, recommendations and actions(

B. Communication with Clients and Prospective Clients

Members and Candidates must:()

1Disclose to clients and prospective clients the basic format and general principles of the
investment processes they use to analyze investments, select securities, and construct portfolios
and must promptly disclose any changes that might materially affect those processes.

2Disclose to clients and prospective clients significant limitations and risks associated with the
investment process.
3Use reasonable judgement in identifying which factors are important to their investment
analyses, recommendations, or actions and include those factors in communications with clients
and prospective clients.

4Distinguish between fact and opinion in the presentation of investment analyses and
recommendations.

Guidance
1

Recommendation

TIPS

Standard Investment Analysis, recommendations and actions(

C. Record Retention

Members and Candidates must develop and maintain appropriate records to support their
investment analyses, recommendations actions ,and other investment-related communications with
clients and prospective clients. (
)

Guidance
1

3CFA

Recommendation

TIPS
1. 5
5 CFA 7

2.
Standard VI: Conflicits of Interest()
A. Disclosure of Conflicts()

Members and Candidates must make full and fair disclosure of all matters that could reasonably
be expected to impair their independence and objectivity or interfere with respective duties to their
clients, prospective clients ,and employer. Members and Candidates must ensure that such
disclosures are prominent , are delivered in plain language, and communicate the relevant
information effevtively.

1:(1)
2 3

2
1
2 3 4 5

41
2 3

Recommendation

TIPS
1
2
3
Standard VI: Conflicits of Interest()
B. Priority of Transactions()

Investment transaction for clients and employers must have priority over investment transactions
in which a Members or Candidates is the beneficial owner.

Guidance
1
2
3
(1)2
3
3

1(2)
3
4

Recommendation

IPO
IPO
30 5

TIPS
1

Standard VI: Conflicits of Interest()

C.Referral Fees

Members and Candidates must disclose to their employer, clients , and prospective clients, as
appropriate, any compensation, consideration, or benefit received from or paid to others for the
recommendation of products or services.

Guidance

Recommendation

TIPS

Standard VII:Responsibilities as a CFA Institute Member or CFA Candidate(

)
A.Conduct as Members and Candidates in the CFA Program

Members and Candidates must not engage in any conduct that compromises the reputation or
integrity of CFA Institute or the CFA designation or the integrity , validity, or security of CFA
Institute programs.(
)

Guidance

1 CFA CFA
2 CFA
3 CFA
4 CFA
5 CFA CFA
6 CFA
CFA CFA
CFA
Confidential Program Information
CFA
CFA
TIPS

CFA

VIIA

Standard VII:Responsibilities as a CFA Institute Member or CFA Candidate(
)
B.Reference to CFA Institute, the CFA Designation, and the CFA Program(
)
)
When referring to CFA Institute, CFA Institute membersip, the CFA designation, or candidacy in
the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or
implications of membership in CFA Institute, holding the CFA designation, or candidacy in the
CFA Program.

Guidance
1 CFA CFA
CFA
1
2
2CFA CFA

1Professional Conduct Statement(PCS)

2
CFA
CFA CFA
CFA
3 CFA

4 CFA Using CFA Designation

CFA CFA

CFA CFA

CFA

Recommendation
CFA

CFA
CFA
TIPS

1 CFA
2
3 CFA

CFACFAer

CFAerIDCFA-CHN CFA
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